Posted By: Anonymous
Number of HELOC's - 11/03/05 03:47 PM
Is there a limit on the number of HELOC's a person can have? If they plan to stay in a resdience 14 days a year, then it can be considered owner-occupied. So can they have a HELOC on their home, their beach house, their mountain home, etc..and rent these out all year...just staying there 2 weeks each a year?
Posted By: #12
Re: Number of HELOC's - 11/03/05 03:51 PM
I believe you can only have a HELOC on your primary residence. But, I can't provide you with a cite, and I don't know for sure!
Posted By: Cowboys Fan
Re: Number of HELOC's - 11/03/05 04:15 PM
The number of HELOCs and the type of residence that can secure it would be determined by your bank policy rather than federal regulations.
Posted By: #12
Re: Number of HELOC's - 11/03/05 04:29 PM
Thanks for correcting me guys. I didn't know that!
Posted By: GreatBlue
Re: Number of HELOC's - 11/03/05 04:52 PM
And also based on state law. I believe Texas for example restricts the number.